New compulsory training and proficiency test for corporate service providers starts on Nov 15

Singapore

The government is introducing this to raise the professional standards of such providers, who include lawyers, accountants and those offering services such as the setting up of companies or statutory filing of documents with Acra.

The move, ultimately aimed at upholding Singapore's reputation as a trusted business hub, is part of on-going efforts to strengthen the CSP sector's resilience to illicit activities such as money laundering and terrorism financing.

Aside from undergoing mandatory training and sitting the test, CSPs guilty of severe breaches will find themselves named and shamed…